Bolt Helps Drivers with New Cash Out Service

By Sodeinde Temidayo David

The ride-hailing platform, Bolt, has created a cash withdrawal service for drivers to provide early access to cash out earned on the platform from cashless payment methods and other earnings. Drivers can now take away the cash they earn whenever they need to.

Although there are limitations as the cash out service is available to drivers once a day with a transaction fee of N15 to the bank.

The feature is also active for existing drivers who have been on the platform for up to two weeks and have completed at least 25 trips without any irregularities.

In a statement, Bolt said this new initiative is mainly to improve the general experience for every driver in addition to the lower fees and commissions of 15 per cent it charges its drivers. This has also made it possible for riders to enjoy cheaper fares on the platform.

Speaking on the introduction of the new service, Bolt Country Manager in Nigeria, Mr Femi Akin-Laguda, thanked the drivers for being part of the company’s growth.

“Drivers are core to our business and we must continue to retain the trust and loyalty we have earned over the years by fulfilling our promise to keep improving the overall experience for every driver,” he said.

“The early cash out option improves liquidity for our drivers’ by ensuring that they have easier and faster access to their earnings; this will include fares for trips paid with cashless options like cards, driver bonuses and payments for passenger discounts.

“Our aim is to ensure that our drivers have flexibility in how they access their earnings while passengers will be more confident to request rides with any payment method they wish,” Mr Akin-Laguda added, assuring that Bolt will remain affordable and reliable.

The system makes payments directly to drivers’ bank accounts, while requests during business hours will be processed in less than an hour, with requests outside these hours on business days processed on the same day.

Furthermore, early cash out requests made on weekends and holidays will be processed on the following business day.

Bolt has continued to set the pace with driver experience initiatives in the ride-hailing sector.

Recently, the platform launched a vehicle financing scheme that enables drivers to be their own boss by owning a car with low equity repayment.

With over 10,000 drivers on its platform, Bolt provides a safe, reliable, and affordable service for passengers across more than 25 cities in Nigeria and is a smart way to move around in cities.